By Kagenyi Lukka
The Committee on Commissions, Statutory Authorities and State Enterprises (COSASE) last week kick-started probe into irregularities that marred the Closure of defunct banks, 1993-2017.
The irregularities, however much previously debated were recently confirmed by the auditor general in his 94-page report, The Special audit report on defunct commercial banks dated 27/8/2018/
Looking panicky, contemptuous and unready, the BoU team was sent backpacking by the rejuvenated committee to go and bring sufficient documentation necessary to respond to queries raised by Mr Muwanga in his audit report.
BoU will go back to parliament next week on Friday.
I intend to write on BoU’s first appearance at length in my subsequent article.
That notwithstanding, one of the officials that the committee will quiz is Justine Bagyenda, the disgraced former executive director for commercial bank supervision at the Bank of Uganda.
For beginners, Justine Bagyenda was the main actor in the crane bank saga who seemed to have had a premeditated motive to disable and cripple crane bank while wedging a broader economic war against Dr Sudhir Ruparelia, who was the majority shareholder of the formerly glorious Crane bank Limited.
I have also previously exposed her dealings with conflicted lawyers of MMAKS and AF Mpanga Advocates who would later get which in my view were exaggerated payments that Bagyenda sanctioned herself.
Bagyenda, who oversaw CBL get donated to DFCU at Ugx 200 billion didn’t bother to ensure that an independent evaluation of CBL assets and liabilities was made.
Her steps and movements in this corruption scandal were highly suspect and pointed to possible collusion, and also a possibility of her being a direct beneficiary of the dirty and sweetheart deals between BoU, the receiver and seller of crane bank, and DFCU, the contested buyer of Uganda’s only latest indigenous commercial bank.